Understanding Innovation and its Processes

This assignment delves into the crucial distinction between invention and innovation, exploring various aspects of innovation management. It encourages students to examine case studies, understand the impact of technology on innovation, and analyze different commercialization strategies for successful implementation.

INNOVATION
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Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Importance of innovation and its comparison with invention...............................................3
P2 Shaping of innovation............................................................................................................5
TASK 2............................................................................................................................................6
P3 Explain 4Ps of Innovation and using innovation funnel........................................................6
TASK 3............................................................................................................................................8
P5 Importance of commercial funnel and the application of new product development............8
P6 Innovation building case for 3com Ltd including source of access fund..............................9
TASK 4..........................................................................................................................................10
P7 Various tools for developing, retaining and protecting intellectual property......................10
CONCLUSION..............................................................................................................................11
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INTRODUCTION
In the present competitive business environment, it has become important to maintain the
standards and quality of products so that customer’s satisfaction level can be maintaining and
developed with time. Frequent changes are required in the distinct products that are available in
the market as it is important to maintain the interest of the customers (Aarikka-Stenroos, and
Sandberg, 2012). Innovation is a technique that helps in bringing change in the commodities by
adding new features to them. Invention on the other hand is a different concept in which an
entirely new product is launched in the market which has capacity to attract more customers.
3com small scale organization which deals in network cards, servers hubs etc. Since the product
in which the referred organization is dealing is of type that has high demand in the market it has
to give more attention on marinating innovation and invention in its products. The following
report will discuss different aspects of both these concepts and will put light on how they help in
developing business.
TASK 1
P1 Importance of innovation and its comparison with invention
3com was founded in 1979 by Robert Metcalfe and since than it is delivering effective
networking solutions in different parts of the world. It deals in IT technology that come across
continuous upgradation. It is required that the management of referred organization give
emphasis on adopting innovation in its production process and the final product which it is
delivering in the market. Innovation is a technique through which capacity of existing products is
increased by adding value and additional feature to the same. It helps an organization in growing
and increasing its overall capacity. Those products which are supported with new technology and
extra features has more capacity to attract the existing customers and this way the brand value of
the organization also gets increased (Bagchi-Sen, 2007). There are a number of ways through
which innovation is made possible like doing alteration, modification and changing the design of
the existing product. On a broad level it is found that employees get confused between
innovation and invention and consider them same terms. This is not true on real grounds. There
is a big difference in between the two terms. Innovation is a narrow term whereas invention is an
entirely different and big concept. According to the requirement and resource availability choice
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of any one of them can be done and expansion of business can be ensured. In order to better
understand the difference between both the concepts a comparative table is given below:
Basis Innovation Invention
Meaning It is an act of changing the
present product or commodity
by adding more feature to the
same.
Under the process of invention
an entirely new product is
introduce in the market which
is different from all the other
existing ones.
Works it helps in developing the
existing capacity of product
according to the application
and technology added to the
same.
Work at entirely new level can
be done using the new
invention.
Skills requirement Less skills are required in
order to bring innovation in
practice.
It is essential that a person
must have special and
technical skills as only than he
can ensure invention.
Investment In the process of
implementing innovation in an
organization less funds need to
be invested as no much cash is
required to bring change in the
existing products.
Contradict to innovation dong
invention is an expensive
technique as this need high
investment and more skilled
individual whom accordingly
needs to be given returns for
their efforts take.
The above comparison shows that there is a big difference in between both the concepts.
3com needs to ensure both on regular intervals so that it can do effective positioning of business
in market. It can use the innovative ideas to develop existing product quality and can raise its
brand value in market. If innovation is done than the organization may enjoy the following
benefits:
For organization
 Innovation will help in developing the capacity of organization
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 This will develop the brand value of firm in the market
 It will increase the total market share of the firm along with increase in geographical
areas.
 Profit margins will also raise as the total cost of production will decrease after ensuring
innovation.
For workers
 When employees will do work with the innovative technique the can finish the same
work in less time (Bogers and West, 2010).
 Development of employees will take place which will further help in raising their
morale and their dedication towards work.
 When employees are provided with training they develop job security and finds
recognized in the enterprise.
P2 Shaping of innovation
In an organization to facilitate change and growth innovation is of great importance. It is
required that management and other superiors focus on developing innovative techniques at the
work place so that they can together influence the work force. Since the work force is in habit of
doing same work whenever something new is introduced in business it becomes difficult to
convenience the work force. For same it is required that vision mission and objectives of the
organization are clearly communicated to the employees so that they can accordingly plan the
activates and can learn how innovation is helpful to them. Implementation of innovation is not
difficult but to ensure that the same is followed in the same manner is of greater need. Distinct
components which needs to be communicated on time to the staff members are given below:
Vision – Vision are the goals that are set by the management for the working staff members
so that they perform their duty accordingly. Targets for distinct departments are set against
which time is also provided so that accomplishment of same is done within the targets. The
vision of 3 com is to deliver quality services at the first time and make efficient use of all the
provided resources. Innovation will help the work force to meet their short term goals as their
work will become easy and can be completed in less time frame (Wonglimpiyarat, 2010).
Mission – Mission act as a basic guideline through which innovation is planned and
implemented in the organization. 3 com. mission is to increase their sales by using the innovative
techniques without making much change in the present cost of the firm (Bogers and West, 2012).
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Leadership – Different people work with distinct goals and objectives in the organization
and therefore it is required that they are kept motivated to work according to the requirement of
organization. A good leader is one who is capable of getting work done through other with the
changes that are made in the organization. Leaders will help the working staff in managing with
change and hence will this way innovation will lead to development of organization as whole.
TASK 2
P3 Explain 4Ps of Innovation and using innovation funnel
Innovations are used for addressing different issues related to innovations. Through the
innovation technique an organisation can plan and developed new processes and design for
generating and increasing growth of an organisation. Funnel help in accessing and transforming
different factors which affect development process of an organisation. This will also help in
generating innovative ideas and implement them in business environment. Innovation factors can
be better understood through 4 Ps which have been described as under.
 Product – it is an important factor for innovations and development process. Products are
considered as those items which attract more customer to business. They can be both
product or service. 3Comm is better known for their innovative communication
technology. It is making better innovation in terms of networking. The company is ahead
in competitive market (Ettlie and Rosenthal, 2012).
 Process – innovation and invention are totally different prospect of business environment.
It helps in attracting potential buyers to their telecommunication services. Through
effective innovative ideas they have decreased cost of production as well as their
services. As compared to other network provider in market they have different policy in
doing their business. In some areas it has dominated the sector like in cables, DTH,
network connectivity. Hence it has become leading network provider in remote areas of
UK.
 Positioning - In all over UK there are bigger giants like BT Group, Vodafone who give
stiff counter petition in business market. So 3com have plan to invest in smaller areas
and make their base strong in terms of cost effectiveness and network provider.
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 Paradigm- organisation must understand features what people want obviously for the
network providers it is bigger challenge to give better and factor connectivity to their
customers.
3com is regarded as one of the fact mover in adapting technology which increases their core
competence ability in business world.
P4 Explain process of development of frugal innovation in 3Com
Innovation is a procedure for designing products and service. Frugal innovation a very
effective procedure helps in guiding managers for increasing profitability by minimising cost of
production. It has a unique feature of filling differences where the organisation lacks. This
innovation process helps in enhancing both ability and capability of individual and services.
This also help in planning of budget for an organisation by placing every factors on a single
place. This allows a firm to take right steps in satisfying their customers. Some of the factors a
manager must understand are mentioned below (Gambardella and McGahan, 2010).
 Company managers must frequently monitor and guide their employee improving
productivity of their organisation as well as it will help in enhancing skills of their
employees.
 Managers must make sure that employee have knowledge about innovations which help
the to work in a specific direction.
According to case study 3com are most efficient in using their resources by enhancing their
knowledge and abilities of their employees. Company is well placed to determine needs and
wants of their buyers so that they can make modification in their network. Company use
different theoretical and practical tools for analysing competitive marker and make effective
plaining in sustaining and growing in market place.
Fungal innovation technique has different techniques for increasing growth and development--
 organisation must analyse characteristics techniques and evaluate sources for
maximising profits and gains.
 Use effective and updated planning and policies which they are focussed to apply in
business environment.
 They monitor right decisions and path which helps in assisting and achieving objective
sand goals (Godin, 2012).
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 Managers must know their strength and weaknesses while making certain planning in
reaching their certain targets and goals.
 Must adopt certain strategies using different tools and techniques for increasing
productivity.
 Company must ensure that they make plans by surveying all factors in market place
some that they can withstand against any challenges in marketing environment.
All the above mentioned factors and functions are very important while considering growth of
organisation. These factors help an organisation to plan for both internal and external
environment as it covering all factors required for development and sustaining in marketing
environment (Huizingh, 2011).
TASK 3
P5 Importance of commercial funnel and the application of new product development
Business Funnel is that procedure which prompts change of expected clients into real users
of firms services and administrations. Also, new item improvement is a movement which help
administrators in growing new items that will help in fulfill needs and needs of purchasers in the
substantial market. The outlining procedure and creation movement help with picking up
favorable position of rivalry (Walsh, 2012). 3comm has plan to start distinctive parts and change
or diminish chance in powerful way. Apple Inc. ought to alter current situation of music industry.
Presently, association principally give quality items and administrations which fulfill need and
request of clients and family unit zone additionally draw in with it (Kim and et.al., 2011). They
have to recognize fundamental mix-ups and blunders which happens amid changes as indicated
by the market. There is some procedure which required to refresh by an endeavor that are as per
the following:
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Figure 1 New product development
(Source: New product development, 2017)
According to the above picture, New item Development is a compelling procedure that has
precisely connected and expend huge measure of speculation amid advancement and on the off
chance that they don't finish assignment then this will prompt disappointment as needs be.
Referred to firm will likewise break down entire statistical surveying and painstakingly enter in
gigantic market. It helps in giving products at sensible cost to wanted purchasers. The 4Ps of
advertising help with controlling and dealing with all assets in better way.
P6 Innovation building case for 3com Ltd including source of access fund
The referred enterprise required to manufacture solid case that will help with building up
objectives and destinations and furthermore perform essential capacities, for example, capital
venture, utilise time which give higher development and advancement to 3com. It is essential
action which help in creating assets in legitimate way. Development help in making new items
which pick up consideration of particular target purchasers towards organization things (Lindič
and et.al., 2011). Here are sure advances which need to look after by firm in any capacity:
• Understand entire methodology and destinations an undertaking required to dissect and
see full process which help in expanding development and improvement.
• Gathering Inputs - Company directors need to gather information or data for helping
different capacities and exercises in better way with the goal that it effectively be assessed.
• Analyse-This will help in examining and actualizing data in appropriate way. Firm
required to break down entire market region.
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• Stating the Judgment-It is that phase where item should exist in commercial centre and it
work entire process business. It will likewise take revise choice before top level
administration.
As indicated by the Apple Inc. what's more, virgin gathering contextual investigation it
needs to create different sorts of financial specialists who put capital in business exercises. 3com
organization will receive this fitting way. There are two speculators that will help association in
giving fund:
 Business blessed messenger - They are those people who spend capital in colossal
sum in advertise. Essentially they look through that open doors which is valuable for
them (Rafinejad, 2007).
 Organisation capital firms - These undertakings issue its share in the market
consequently of contributed cash. Normally they supply tremendous measure of
speculation however required to spend same in it.
TASK 4
P7 Various tools for developing, retaining and protecting intellectual property
Different organisation has their own valuable assets which needs to be protected using
different tools. These tools are effective enough in protecting the rights of enterprise and create
legal restrictions that limits the illegal activities in the business world. Some of the most
commonly used tools to protect the intellectual properties of business are as follows:
Copyright – It is the most effective way of getting the main asset that is the name of the
firm to be secured. Once the firm is incorporated and is registered with the government it gets the
copyright of the same. It gives authority and right to that organisation on its name. Thereafter no
other individual can start the business with the same name. if it is found that other business is
also running with the same name than the company having a copyright of that name can take
legal action against the same. Company needs to get the intellectual property registered under the
act 1988. Permission of the owners need to be taken before using them (Schoonmaker and
Carayannis, 2010).
Trade mark – It is a logo or design with which an organisation dos its business. It becomes
a representative image of the firm and once getting it registered no other organisation can
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continue with the same. All the dealing is done with that trademark and it becomes a separate
legal entity of the firm
Trade secret – It includes patterns and ways through which a single entity does its dealings
in a secret manner (Snow, 2011). it involves those actions that need to be taken in privacy and
management does not want to do them in open.
Patents – Person comping with a new idea in the market gets the patent of the same. For
same he has to get the property registered under patent act of ownership (Teece, 2010). After
getting registration done he can sell it to other with own wish as without it no other person can
copy the same.
The above discussed tools are effective enough for keeping the assets of 3com secured
and hence all the important assets should be registered so that they can be protected against
unfair use (Thore, 2012).
CONCLUSION
From the above discussion this has been summarized that innovation is of great importance
and helps management in doing growth in the long run. It is an easy way of raising the capacity
of firm as through same productivity of organization gets increased. There are different concepts
like frugal and funnel which further enhanced the knowledge about how innovation is helpful in
achieving the desired results. It also shows that how it helps organization in selecting the best
option for enterprise which has the capacity to give maximum positive results. Lastly the above
report concluded with the details of different tools that are of great help in order to protect the
intellectual property of business which are of great importance and need to be secured on time.
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REFRENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2007. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J.E. and Rosenthal, S.R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A.M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-
421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S.K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Rafinejad, D., 2007. Innovation, product development and commercialization: Case studies and
key practices for market leadership. J. Ross Publishing.
Schoonmaker, M.G. and Carayannis, E.G., 2010. Assessing the value of regional innovation
networks. Journal of the Knowledge Economy. 1(1). pp.48-66.
Snow, C.C. And et.al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
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Online
Difference Between Invention and Innovation. 2016. [online]. Available
through:<http://keydifferences.com/difference-between-invention-and-
innovation.html>..
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